Pepe, the third-largest meme coin by market cap, fell to its lowest level since November 13 as whales sold their holdings, pushing exchange balances higher.
baby (baby) to a low of $0.00001210, down more than 54% from its December high.
Data from Nansen shows that the amount of Bibi coins on exchanges has increased, indicating continued selling pressure from investors. Tokens on exchanges rose 1.31% to 240.28 trillion, compared to 237.18 trillion the previous week. Total supply on stock exchanges increased by 0.74% to reach 57.12%.
Additional data reveals that baby whales are offloading their belongings. According to Lookonchain, many whales have moved their holdings to exchanges, indicating that these investors expect the downward trend to continue.
Meanwhile, smart money investors also reduced their positions. The number of smart money holders decreased to 69, from 91 in December. These investors now own 9.5 trillion Pepe coins, which is down from about 12 trillion in March of last year.
Pepe's collapse coincided with declines in other meme coins. For example, Shiba Inu (Gray) is down 45% from its November high, while Bunk Bank is down 57% over the same period.
These coins may continue to bounce if Bitcoin (Bitcoin) is gaining momentum from a relatively dovish Fed.
The price of Pepe coin has formed a risky pattern
The daily chart shows that Pepe has formed a bearish head and shoulders pattern. This pattern consists of a head, shoulders, and neckline. The coin has now moved below the neckline at $0.00001716.
Baby is also close to forming a death cross pattern, which occurs when the 200-day and 50-day weighted moving averages cross each other. The gap between the two averages continues to narrow, suggesting that a pattern may emerge if the sell-off continues.
Additionally, Pepe moved to the key support and resistance (S&R) pivot point of the Mori Math lines. Both the MACD and the Relative Strength Index (RSI) continued to decline. Therefore, the coin is likely to continue its losses, as traders target the key support level at $0.0000060, the August low.
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